Exam (elaborations)
NMLS Exam Questions With Verified Answers 2024
NMLS Exam Questions With Verified Answers 2024
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NMLS Exam Questions With VerifiedAnswers 2024
The vpreferred vdebt-to-income vratio vfor vapplicants vfor vVA vloans vis:
A. v35%
B. v43%
C. v50%
D. v41% v- vcorrect vanswer.D. v41%
When vwould va vlicense vbe vsuspended vwithout va vhearing?
A. vIf va vlicensee vfails vto vrenew
B. vIf va vlicensee vfails vto vrequest va vhearing vwith vthe vstate vregulator
C. vIf va vlicensee vhas vfailed vto vcomplete vpre-licensing vrequirements
D. vIf va vlicensee vhas valready vexecuted va vright vto va vhearing vfor va vprevious vviolation v-
vcorrect vanswer.B. vIf va vlicensee vfails vto v request va vhearing v with vthe vstate v regulator
After va vborrower vallows vthe vassumption vof vhis vor vher vVA vloan, vhe vor vshe vmay vuse vhis vor
vher vVA vprivilege vagain vonly vafter:
A. vFive vyears vhave vpassed
B. vThe vhome vis vsold vto va vnew vowner
C. vThe voriginal vVA vloan vis vsatisfied
D. vThe voriginal vVA vloan vis vmoved vfrom vhis vor vher vname vinto vthe vname vof vthe vassuming
vborrower v - vcorrect vanswer.C. vThe voriginal vVA v loan vis vsatisfied
In vorder vto vqualify vfor van vadjustable-rate vmortgage, va vconsumer vmust vbe vable vto vshow
vthat vhe vor vshe vcan:
A. vMake vregularly vscheduled vpayments vthat vare vcalculated vusing vthe vloan's vintroductory
vrate
B. vMake vamortizing vpayments vthat vare vcalculated vusing vthe vfully vindexed vrate vfor vthe
vARM
C. vMake vamortizing vpayments vthat vare vcalculated vusing vthe vloan's vrate vafter vthe vfirst
vinterest v rate vadjustment voccurs
D. vMake vregularly vscheduled vpayments vthat vare vcalculated vusing vthe vfixed vinterest vrate
vfor v which vthe vconsumer v would vbe veligible v - vcorrect vanswer.B. vMake vamortizing
vpayments vthat vare vcalculated vusing vthe vfully vindexed vrate vfor vthe vARM
Money vpaid vby va vbuyer vto va vseller vat vthe vtime vof ventering vinto va vcontract vto vindicate
vintent vand vability v to vcarry v out vthe vcontract vis vcalled:
,A. vDown vpayment
B. vEarnest vmoney
C. vEscrow vfunds
D. vService vrelease vpremium v- vcorrect vanswer.B. vEarnest vmoney
The vPois vhave vjust vclosed von vtheir vmortgage vloan vat va vformal vsettlement vmeeting. vWhat
vis vmortgage v loan voriginator vLeilani vLuau's vresponsibility vafter vloan vclosing?
A. vShe vmust vprovide vany vrequired vre-disclosures
B. vNone; vLeilani's vtasks vare vcomplete
C. vShe vmust vprovide vanother vset vof vdisclosures, vshowing vfinal vcosts vand vexpenses
D. vShe vmust vrecord vthe vtransaction vwith vthe vcounty vrecorder v- vcorrect vanswer.B. vNone;
vLeilani's vtasks vare vcomplete
In vorder vfor va vsmall vcreditor vto voriginate va vballoon vpayment vqualified vmortgage, vthe
vsmall vcreditor vmust vhold vthe vloan vin v its vportfolio vfor:
A. vTwelve vmonths
B. vThree vyears
C. vTwo vyears
D. vFive vyears v- vcorrect vanswer.B. vThree vyears
When va vseller vprovides vall vor vpart vof vthe vfinancing vfor vthe vborrower vin vorder vto vfinance va
vpurchase vtransaction, vit v is vknown vas:
A. vFor vsale vby vowner v(FSBO)
B. vSeller vcarry-back
C. vSeller vconcessions
D. vSeller vself-financed v- vcorrect vanswer.B. vSeller vcarry-back
Which vsection vof vthe vURLA vcontains vquestions vwhich, vdepending von vthe vapplicant's
vanswer, vcould vresult vin vimmediate vrejection vof vthe vapplication?
A. vInformation vfor vGovernment vMonitoring vPurposes
B. vDeclarations
C. vDetails vof vthe vTransaction
D. vAcknowledgement vand vAgreement v- vcorrect vanswer.B. vDeclarations
With vwhat vtype vof vloan vdo vpayments, vincluding vprincipal vand vinterest, vremain vconstant
vthroughout vthe vlife vof vthe vloan?
A. vA vballoon vloan, vas vlong vas vthe vmaturity vdate vis vbeyond vten vyears
B. vAn vARM vwith va vconversion voption
C. vFixed vrate
D. vAn vFHA vloan v- vcorrect vanswer.C. vFixed vrate
If va vfinancial vinstitution vintends vto vshare vconsumer vinformation vwith vnonaffiliated vthird
vparties, van vinitial vprivacy v notice vis vdue vto va vconsumer vat v what vpoint?
A. vWithin vseven vbusiness vdays vof va vcustomer vproviding vnonpublic vpersonal vinformation
vsufficient vto vpull va vcredit vreport
, B. vWithin vthree vbusiness vdays vof vinitial vcontact vbetween vthe vconsumer vand vthe vfinancial
vinstitution
C. vNo vlater vthan vthree vbusiness vdays vprior vto vsettlement
D. vNo vlater vthan vthe vtime vat vwhich va vcustomer vrelationship vis vestablished v- vcorrect
vanswer.D. v No vlater vthan vthe vtime vat v which va vcustomer vrelationship vis vestablished
In vJanuary vof v2020, vWella vand vKip vagreed vto vpurchase va vhome vat va vpurchase vprice vof
v$546,300. vThey v would v like vto vhold vonto vas vmuch vof vtheir vsavings v as vthey v can, vbut vthey
vhave vchosen vto vmake va vdown vpayment vsufficient venough vto vqualify vfor va vconforming
vloan. vWhat vis vthe vminimum vdown vpayment vthey v can vmake vto vreach vthe vconforming
vloan v limit vbut vstill vretain vsavings?
A. v$47,900
B. v$35,900
C. v$95,800
D. v$54,900 v- vcorrect vanswer.B. v$35,900
Which vof vthe vfollowing vis vthe vleast-expensive vtype vof vreverse vmortgage?
A. vHECM
B. vProprietary vmortgage
C. vNon-recourse
D. vSingle vpurpose v- vcorrect vanswer.D. vSingle vpurpose
A vsingle-purpose vreverse vmortgage vis va vlow-cost vloan voffered vto vlow-income vborrowers
vby vstate vand v local vagencies vor vnon-profit vorganizations. vThey vare vtypically v made vfor
vpurposes vsuch vas vpayment vof vproperty v taxes vor vpayment vfor vhome vimprovements.
What vinformation, vif vfound vduring va vtitle vsearch, vis vlikely vto vprevent vthe vcompletion vof va
vtransaction vto v refinance va vfirst vmortgage?
A. vA vtax vlien
B. vA vutility veasement
C. vA vsecond vmortgage
D. vA vjudgment vthat vwas vsecured vby va vproperty vlien, vbut vrecently vpaid vin vfull v- vcorrect
vanswer.A. vA vtax v lien
Tax vliens vcan vtake vpriority vover vmortgage vliens vand vare, vtherefore, vlikely vto vprevent vthe
vcompletion vof va vtransaction.
Which vof vthe vfollowing vfeatures vwould vbe vpermitted vfor va vnon-qualified vmortgage, vbut
vnot vfor va v qualified vmortgage?
A. vA vterm vof v15 vyears
B. vAn vadjustable vinterest vrate
C. vA vdebt-to-income vratio vof v43%
D. vAn vinterest-only voption v- vcorrect vanswer.D. vAn vinterest-only voption
The vsize vof vthe vgovernment's vguarantee von va vVA vloan vdepends von:
A. vWhether vthe vinterest vrate vis vfixed vor vadjustable
B. vWhether vthis vis vthe vfirst vtime va vveteran vuses vthe vguarantee vor va vsubsequent
vtransaction
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